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Sierra Leone: Bank Gov. flexes his muscles StanChart’s Idrissa Kamara replaces Chrispin Deigh

I. KamaraThe Governor of the Central Bank of Sierra Leone has used his statutory powers to intervene in the crisis in the Banking industry.
In what is an unprecedented move within the financial sector in Sierra Leone, Central bank Governor Sheku Sambadeen Sesay has swiftly moved to restore calm in the banking industry by appointing Mr Idrissa Amadu Kamara as Managing Director of the Sierra Leone Commercial Bank.
In a release issued yesterday Tuesday after a long meeting the BSL Governor wrote, “recent developments in the Sierra Leone Commercial Bank have warranted the urgent intervention of the bank of Sierra Leone with the overriding concern of safeguarding the rights and interests of depositors.”
The BSL Governor drew on the Bank of Sierra Leone Act of 2011 where section 36 provides that “The Bank shall be responsible for the regulation, licensing, registration and supervision, including the imposition of remedial measures and administrative sanctions of commercial banks and other financial institutions in accordance with this Act or any other enactment.”
It is this statutory provision, which Gov. Sambadeen Sesay has used to appoint Idrissa Kamara(Executive Director Finance and Chief Operating Officer) who until his appointment was the highest-ranking Sierra Leonean at Standard Chartered Bank, and also appoint Mr Mohamed Sarjoh Bah as Chief Risk Officer, (Head Commercial Bank Supervision Division at the bank of Sierra Leone) all with immediate effect.
These two new officers have been “invested with all powers, to take such remedial measures” in the interest ofthe SL Commercial Bank and its depositors.
The release also noted that the section 4 (1) of the 2011 Banking Act also has as its objective, the promotion of a safe and sound banking system, and providing an appropriate level of protection of depositors’ interests.

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